Cryptocurrency Market Sees Significant Developments

The past week has been marked by a series of significant developments in the cryptocurrency market.

Kalshi, a prediction market platform, has completed a new funding round of over $1 billion, valuing the company at $22 billion. This marks a substantial increase from its previous valuation of $11 billion in December. Kalshi currently has annualized revenue of $1.5 billion and operates as a CFTC-regulated financial exchange.

Bluesky, a decentralized social network, has also raised $100 million in Series B funding led by Bain Capital Crypto. The company's user base has grown from 13 million at its Series A funding round to over 43 million. Bluesky did not disclose its latest valuation, but the funding round is expected to close in April 2025.

In other news, regulatory bodies have proposed new laws and guidelines for the industry. The People's Bank of China plans to add approximately 12 more commercial banks to the digital yuan system, while South Korea's opposition parties have proposed a bill to completely abolish the cryptocurrency income tax system originally scheduled to be implemented in 2027.

Companies like Coinbase and Opera have also launched new products and services. Coinbase has introduced US stock perpetual contracts for eligible traders outside the US, while Opera is seeking to acquire 160 million CELO tokens within three years, potentially becoming a core stakeholder in Celo.